A U.S. Tax Practice Focusing on Corporate and Cross-Border Transactions

JUDGMENT AND INSIGHTS TO HELP MANAGE YOUR U.S. TAX LIABILITY

U.S. federal income tax law is intended to both collect revenue to pay for the government's services and to incentivize behavior the Congress views as desirable through exemptions, deductions and tax credits. Each year, the federal government's corporate "tax expenditures" amount to about $160 billion. In order to meet Congress's dual goals, U.S. tax law has grown exceptionally complex. The Internal Revenue Code itself has approximately 3.7 million words, and the federal income tax regulations issued by the IRS and Treasury run to approximately 12,000 pages.

This complexity is perilous for the poorly informed taxpayer. These persons may overlook opportunities to save taxes. Or they may be lured into taking aggressive reporting positions that will not be upheld by the courts. Penalties and interest are often stiff, and negative attention from the media may be equally damaging to a company's reputation.

Complexity also can be the friend of the well-advised. Charles W. Cope has a knowledge of U.S. federal income tax law developed over many years in a variety of business environments. He has worked for a major law firm in New York City, the International Tax Counsel's Office at the U.S. Treasury in Washington and in the National Office of a Big 4 accounting firm. With this varied experience, he has developed an extensive knowledge of the taxation of a wide range of business transactions in an array of industries. His insights and judgment allow him to advise his clients how best to comply with the letter and spirit of U.S. tax law, while taking advantage of the tax benefits intended by the Congress and the Treasury.